Tetragon buys hedgie Polygon

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Tetragon Financial Group yesterday bought Polygon Management, once one of the world’s biggest hedge funds and a high-profile casualty of the financial crisis, for $98.5m (£61.4m), to expand its asset management business. Tetragon said it will use 11.7m of its non-voting shares to buy Polygon, founded in 2002 by Paddy Dear and Reade Griffith, as well as its stakes in LCM Asset Management and GreenOak Real Estate. Dear and Griffith are also directors of Tetragon, which invests mainly through long-term funding vehicles such as collateralised debt obligations.